THE Chancellor will use his speech to insist he is delivering on economic recovery. But Labour claim it's only a 'privileged few' who are better off.

GEORGE Osborne will today claim he has delivered a rising standard of living – even though millions of families are struggling to make ends meet.

In his fifth Budget, the Chancellor will insist that wages are rising faster than prices.

But yesterday Labour produced figures that showed average wages only rose 1.4 per cent in 2012-13, while salaries in the City banking sector rose by 6.9 per cent.

Osborne will also say that the economy is growing faster than it was before the crash in 2008.

Ed Miliband said it was only a “privileged few” who were benefiting from the Chancellor’s economic policies.

The Labour leader added: “Many people will be asking, ‘Is there going to be a recovery that will help millions of hardworking families like us – or just a few?’

“While there is now – belatedly – a growing economy, the key question that any government need to answer is whether it will help the millions still caught in the crosshairs of a cost-of-living crisis.”